Tue, 09 Jan 2024 | ADMINISTRATION
In this new weekly update, we will provide a rundown of select UK companies that have fallen into administration over the previous week. These reports will detail relevant available information such as the reasons behind the company’s struggles, its most recent asset, turnover and profit figures, as well as sale listings or more in-depth Business Sale Report articles for the company.
Reports will not provide comprehensive listings of all administrations, excluding notices of intention to appoint administrators, certain holding companies and micro-companies and companies that have been confirmed as being sold since entering administration (including through pre-pack deals).
Since the start of the year, the following businesses have fallen into administration:
A.H. Baldwin & Sons Limited – January 2
Dating back to 1872, A.H. Baldwin & Sons Limited is a leading UK numismatics dealer (a specialist in buying and selling rare coins, medals and banknotes). The company fell into administration on December 22 2023, with Edward Williams, Timothy Higgins and Peter Dickens of PricewaterhouseCoopers appointed as joint administrators and the appointment confirmed by the Gazette on January 2 2024.
In the company’s accounts for the year ending March 31 2022, its turnover was just under £3.7 million, up from £3.3 million a year earlier, but its operating losses widened from £302,000 to just over £1 million. At the time, the company had net liabilities of £319,000.
British Corner Shop Limited – January 2
British Corner Shop Limited, a Bristol-headquartered online retailer of food brands, fell into administration on January 2. The company, previously acquired out of administration by private equity firm RCapital in March 2023, suffered significant financial challenges in the wake of Brexit and the COVID-19 pandemic.
Jonathan Dunn and Matthew Whitchurch of FRP Advisory were appointed as the company’s joint administrators and are now focused on realising its assets.
Read more about how rising insolvencies are impacting the retail sector in this in-depth examination of UK insolvency trends.
Arquer Diagnostics Limited – January 2
Arquer Diagnostics Limited is a Wearfield, Sunderland-based business developing cost-effective, non-invasive tests utilising patented biomarker technology to diagnose and monitor a range of cancers.
The company fell into administration on January 2, with Neville Side and Danny Dartnaill of BDO LLP appointed as joint administrators. In the company’s accounts for 2022, its total assets were valued at more than £2 million, but debts left it with net liabilities in excess of £126,000.
Read more about M&A trends in the UK’s medical technology (MedTech) sector.
Emza Limited – January 3
Emza Limited, which trades as Bramcote Dental Implant & Endodontic Clinic, is a dental practice which claims to be the premier provider for dental implants, cosmetic and aesthetic dentistry in Manchester, Stockport, Cheshire and the North West.
The company fell into administration on December 22 2023, with the appointment of Edward Avery-Gee and Daniel Richardson of CG&Co as joint administrators confirmed by the Gazette on January 3 2024. In the firm’s accounts for the year to September 30 2022, its total assets less liabilities were valued at £1.37 million.
Read more about dealmaking in the UK’s dental sector here.
Cornwall Caravan Park Limited – January 3
Cornwall Caravan Park Limited, which trades as Old Kerro Farm Holiday Park, is a camping and touring caravan site in Cornwall. Mark Banfield, Ross Cannock and Peter Dickens of PwC were appointed as joint administrators on December 28 2023, with the administration listed on the Gazette on January 3 2024.
In the business’ accounts for the year ending November 30 2021, it fixed assets were valued at £37.7 million and current assets at £343,826. Net assets at the time amounted to slightly over £25 million.
Redvers and Denzil Rice Farms Limited – January 3
Redvers and Denzil Rice Farms Limited, trading as Stowford Farm Meadows, is a holiday park in North Devon, featuring pitches for motorhomes, touring caravans and camping, self-catering cottages and holiday homes. Mark Banfield, Ross Cannock and Peter Dickens of PwC were appointed as joint administrators on December 28 2023, with the administration listed on the Gazette on January 3 2024.
In its accounts for the year ending November 30 2021, the company generated turnover of slightly over £4.1 million, up from £3.2 million a year earlier, but saw EBITDA fall from £502,000 in 2020 to £24,000, as the business continued to be impacted by COVID-19. At the time, the company’s net assets were valued at £107.5 million.
Henfold Country Park Limited – January 3
Henfold Country Park Limited, which trades as Henfold Country Lakes, is a 96-acre camping and caravanning site in the Surrey Hills. Mark Banfield, Ross Cannock and Peter Dickens of PwC were appointed as joint administrators on December 28 2023, with the administration listed on the Gazette on January 3 2024.
Communisis – January 3
The Communisis Group is a provider of transactional communications, procurement services and marketing execution to customers in the Fast-Moving Consumer Goods (FMCG), retail and regulated markets.
Mike Pink and Steve Absolom from Interpath Advisory were appointed Joint Administrators of Communisis Limited on 28 December 2023, while James Clark and Steve Absolom from Interpath Advisory were appointed Joint Administrators of Communisis UK Limited, Communisis Digital Limited and Communisis Data Intelligence Limited on the same day.
Following the group’s collapse, its Brand Deployment (BD) and Customer Experience (CE) businesses were sold to Paragon Customer Communications. However, operations have ceased at the group’s Liverpool, Leeds and Cramlington facilities. The group has struggled with challenging trading conditions for some time, including declining volumes and increased production costs.
Lochace Limited – January 4
Lochace Limited, a haulage firm based in Harleston, Norfolk, fell into administration as a result of high interest rates and a downturn in the UK haulage sector. Following the appointment of Ben Wiles and Phil Dakin of Kroll Advisory, the company will be wound down.
In the company’s accounts for the year ending December 31 2021, its turnover was £13.2 million, down from £14.5 million a year earlier, while it fell from an operating profit of £377,086 in 2020 to an operating loss of close to £385,000.
Insolvencies are soaring among UK haulage firms – find out more in this update on M&A in the UK logistics sector.
SSB Group Limited – January 4
SSB Group Limited a Sheffield-based solicitors. The firm entered administration on January 4, with FRP Advisory’s Anthony Collier and Kelly Burton appointed as joint administrators. The company had filed a notice of intention to appoint administrators in November 2023 and reports emerged that month that the Solicitors Regulation Authority (SRA) had been warned that the company posed a regulatory risk due to the non-payment of debts.
In SSB Group’s accounts for the year to April 30 2022, its fixed assets were valued at £1.1 million and current assets at slightly over £48 million. However, the group’s outstanding debts meant that its total equity amounted to just under £175,000 at the time.
Read more about M&A in the UK legal sector.
Keelham Farm Shop Limited – January 5
Keelham Farm Shop Limited is a restaurant, farm shop and online food store based in Skipton, North Yorkshire. The business closed on December 28 2023, with Jonny Marston and Lyn Vardy of Alvarez & Marsal appointed as joint administrators on January 5 2024.
Despite reporting turnover of £8.6 million in its accounts for the year ending January 30 2022, the company fell into administration as a result of cost-of-living pressures, high interest rates and food inflation.
At the time of its latest accounts, the company’s fixed assets were valued at £5.4 million and current assets at £761,590, with net assets amounting to £837,488. The joint administrators are seeking to sell the business as a going concern, with several parties reported to be interested.
Crossgrove Associates Limited – January 8
Crossgrove Associates Limited, a box manufacturer based in North Humberside, fell into administration on December 22 2023, with the appointment of Martin Halligan of Live Recoveries Limited as the company’s administrator confirmed by the Gazette on January 8 2023.
The company’s balance sheet as of April 30 2022 showed fixed assets valued at £194,509 and current assets valued at £562,126. At the time, the firm’s total net assets less liabilities stood at £165,571.
Find out more about the issues facing UK manufacturers and how this is contributing to M&A activity within the sector.
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